New and high growth businesses in the South West’s blue/green economy can now benefit from a significant boost, as the English Freeport tax benefits extension window went into law late in May.
The previously agreed five-year window now extends until September 2031. This extension, hugely welcomed by the Plymouth and South Devon (PASD) Freeport, provides businesses with greater certainty and extended time to capitalise on the Freeport’s tax benefits and reliefs, available to eligible new businesses or those demonstrating high growth.
The tax reliefs available for eligible businesses are:
- Enhanced structures and buildings allowances
- Enhanced capital allowances for plant and machinery
- Secondary Class 1 National Insurance contributions relief for eligible employers on the earnings of eligible new employees up to £25,000 per annum for up to 3 years
- Stamp Duty Land Tax relief
- Business Rates relief
Alongside the tax window extension, Plymouth and South Devon Freeport have also confirmed that, as well as marine, defence and space being target sectors, three additional sectors of advanced manufacturing, engineering and net zero technology are now also key areas of focus for the South West’s only Freeport.
Richard May, CEO, Plymouth and South Devon Freeport:
“The tax relief window extension is fantastic news. This extended timeframe provides businesses, investors, and developers with the confidence they need to fully embrace the Freeport’s potential and drive economic growth across the region.
“Combined with additional sector focus to now also include advanced manufacturing, engineering and net zero tech, alongside our core sectors of marine, defence and space, we really are best placed to support new and growing businesses to achieve huge success not only domestically but internationally with competitive Freeport levers.”
Plymouth and South Devon Freeport is one of twelve Freeports in the UK that have been designed to boost economic growth, create jobs for their local communities and foster hotbeds of innovation.
PASD Freeport presents a unique proposition for investment, development and doing business in the South West with its three tax sites at South Yard, Langage and Sherford, as well as opportunities to develop customs sites within its outer boundary.
In the recent King’s Speech, His Majesty spoke of ‘securing economic growth’ and pursuing ‘sustainable growth by encouraging investment in industry, skills and new technologies’; PASD Freeport is prime for supporting the new Government’s ambitions for growth, skills and clean energy provision.
Richard adds:
“We encourage businesses operating in the marine, defence, space, advanced manufacturing, engineering, and net zero technology sectors to contact our expert team to explore the PASD Freeport opportunities. With this extended tax relief window, there’s never been a better time to invest and be part of a thriving economic ecosystem.”
Businesses interested in learning more about the PASD Freeport and its benefits are invited to contact the Freeport team via info@pasdfreeport.com